Susan Electricals India
Susan Electricals India Limited manufactures aluminium and copper-based electrical winding wires conductors and cables including LT AB cables up to 1.1 kV and HT cables for power distribution transformers motor windings overhead lines and underground cabling.It supplies state-owned DISCOMs via tenders and private EPC contractors traders with government revenue at 51.17% for 9M FY26 and 49.40% FY25 alongside trading aluminium rods/wires (38.80% 9M FY26 revenue) and minor job work services all from three Ghaziabad Uttar Pradesh facilities.ISO 9001:2015 45001:2018 and 14001:2015 certified operations support India's growing wires cables market projected at USD 10.32B in 2025E to USD 22.35B by 2035P (8.02% CAGR) serving transmission infrastructure renewables and electrification.
High quality fundamentals with reasonable valuation
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Plain-English Summary✨
What does the company do?
Susan Electricals India Limited manufactures aluminium and copper-based electrical winding wires conductors and cables including LT AB cables up to 1.1 kV and HT cables for power distribution transformers motor windings overhead lines and underground cabling.It supplies state-owned DISCOMs via tenders and private EPC contractors traders with government revenue at 51.17% for 9M FY26 and 49.40% FY25 alongside trading aluminium rods/wires (38.80% 9M FY26 revenue) and minor job work services all from three Ghaziabad Uttar Pradesh facilities.ISO 9001:2015 45001:2018 and 14001:2015 certified operations support India's growing wires cables market projected at USD 10.32B in 2025E to USD 22.35B by 2035P (8.02% CAGR) serving transmission infrastructure renewables and electrification.
Why are investors interested?
Strong business model in a growing sector with favorable industry drivers.
What should beginners watch out for?
Evaluate market volatility and competitive risks.
Key IPO Metrics
GMP Today
+33.9%
Total Subscription
Overall demand
Retail Subscription
Retail Queue
QIB Subscription
Institutional Queue
NII (HNI) Subscription
Non-Institutional
Anchor Book
Subscribed
SME Risk Radar
GYR Capital Market Maker
Merchant banker track record is not available.
Post-listing volume can be low. Trading takes place in large retail lots.
Top 5 customers account for more than 40% of revenues.
Scale of operations is relatively small, with minor audit flags.
Business Overview
About the Company
Susan Electricals India Limited manufactures aluminium and copper-based electrical winding wires conductors and cables including LT AB cables up to 1.1 kV and HT cables for power distribution transformers motor windings overhead lines and underground cabling.It supplies state-owned DISCOMs via tenders and private EPC contractors traders with government revenue at 51.17% for 9M FY26 and 49.40% FY25 alongside trading aluminium rods/wires (38.80% 9M FY26 revenue) and minor job work services all from three Ghaziabad Uttar Pradesh facilities.ISO 9001:2015 45001:2018 and 14001:2015 certified operations support India's growing wires cables market projected at USD 10.32B in 2025E to USD 22.35B by 2035P (8.02% CAGR) serving transmission infrastructure renewables and electrification.
Industry
Electric Equipments
Business Segments
Objects of the Issue
Promoters
Promoters group
Whole-time Directors & Promoter group
Lead Managers
Registrar
TBAIssue & Valuation
Peer Snapshot (FY24)
| Company | P/E (x) | ROE (%) | Revenue CAGR (3Y) | EBITDA Margin (%) | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| Susan Electricals India (IPO) | 10.62x | 47.41% | 98.4% | 11.9% | -- |
| Accord Transformer | 15.63x | -- | -- | -- | ₹90.42 Cr |
| Aimtron Electronics | 24.67x | -- | -- | -- | ₹134.145 Cr |
| Alkosign Limited | -- | -- | -- | -- | ₹13.305 Cr |
| Artemis Electricals | 14.56x | -- | -- | -- | ₹134.775 Cr |
| Aspire & | 10.42x | -- | -- | -- | ₹529.74 Cr |
| Aureate Tradde | 15.64x | -- | -- | -- | ₹203.655 Cr |
| Cell Point | 24.1x | -- | -- | -- | ₹441.465 Cr |
| Cellecor Gadgets | 24.21x | -- | -- | -- | ₹396.525 Cr |
| Comrade Appliances | 24.88x | -- | -- | -- | ₹40.44 Cr |
| Cospower Engineering | 23x | -- | -- | -- | ₹14.865 Cr |
| Creative Peripherals | 46x | -- | -- | -- | ₹272.88 Cr |
| Delta Autocorp | 24.11x | -- | -- | -- | ₹116.175 Cr |
| Electro Force | 15.3x | -- | -- | -- | ₹69.3 Cr |
| Evans Electric | 7.19x | -- | -- | -- | ₹9.675 Cr |
| Focus Lighting | 5x | -- | -- | -- | ₹109.11 Cr |
| Ganesh Green | 23.33x | -- | -- | -- | ₹255.255 Cr |
| Goldstar Power | 29x | -- | -- | -- | ₹82.215 Cr |
| Greenchef Appliances | 14.87x | -- | -- | -- | ₹509.64 Cr |
| ICE Make | 15x | -- | -- | -- | ₹34.485 Cr |
| Indo SMC | 14.86x | -- | -- | -- | ₹337.62 Cr |
| Innovative Ideals | 15x | -- | -- | -- | ₹30.39 Cr |
| Macfos Limited | 15.22x | -- | -- | -- | ₹107.34 Cr |
| Marine Electricals | 10x | -- | -- | -- | ₹570.555 Cr |
| Maxvolt Energy | 20.57x | -- | -- | -- | ₹120.84 Cr |
| Mehai Technology | 44x | -- | -- | -- | ₹0.435 Cr |
| Nitiraj Engineers | 9x | -- | -- | -- | ₹47.91 Cr |
| Osel Devices | 19.77x | -- | -- | -- | ₹1.995 Cr |
| Powerful Technologies | 11x | -- | -- | -- | ₹93.57 Cr |
| Prizor Viztech | 16.69x | -- | -- | -- | ₹53.475 Cr |
| Pro Fx | 12.44x | -- | -- | -- | ₹165.705 Cr |
| Pulz Electronics | 9.22x | -- | -- | -- | ₹5.625 Cr |
| Quality RO | 113x | -- | -- | -- | ₹0.39 Cr |
| Riddhi Display | 14.4x | -- | -- | -- | ₹50.49 Cr |
| RMC Switchgears | 8x | -- | -- | -- | ₹85.23 Cr |
| Saakshi Medtech | 13.84x | -- | -- | -- | ₹183.09 Cr |
| Safa Systems | 29.41x | -- | -- | -- | ₹435.39 Cr |
| Servotech Power | 11x | -- | -- | -- | ₹122.685 Cr |
| Shree Refrigerations | 23.81x | -- | -- | -- | ₹148.08 Cr |
| Shri Ram | 9.8x | -- | -- | -- | ₹89.94 Cr |
| Spectrum Electrical | 17x | -- | -- | -- | ₹179.325 Cr |
| Suich Industries | 7.5x | -- | -- | -- | ₹280.095 Cr |
| Sungarner Energies | 25.94x | -- | -- | -- | ₹25.965 Cr |
| Sunrise Efficient | 9.7x | -- | -- | -- | ₹89.97 Cr |
| Viviana Power | 11.29x | -- | -- | -- | ₹48.84 Cr |
| Vivid Electromech | 24.37x | -- | -- | -- | ₹105.84 Cr |
| Wonder Fibromats | 12x | -- | -- | -- | ₹462.015 Cr |
| Zelio E-Mobility | 20.41x | -- | -- | -- | ₹258.27 Cr |
Financials & Performance(Standalone)
Revenue (₹ Cr)
CAGR 61.3%PAT (₹ Cr)
CAGR 393.2%EBITDA Margin (%)
ImprovingROCE (%)
Healthy TrendROE (%)
ImprovingFinancial Quality
GoodGood / Improving metrics, margins and cash flows with comfortable leverage.
| Financial Year | Revenue (₹ Cr) | EBITDA Margin (%) | PAT (₹ Cr) | ROCE (%) | ROE (%) | Debt / Equity (x) |
|---|---|---|---|---|---|---|
| FY24 | ₹103.48 Cr | 3.61% | ₹0.75 Cr | 9.47% | 12.08% | 3.99x |
| FY25 | ₹135.73 Cr | 9.06% | ₹5.65 Cr | 17.46% | 31.42% | 2.52x |
| FY26 | ₹269.35 Cr | 11.91% | ₹18.24 Cr | 29.05% | 47.41% | 1.73x |
Why this IPO looks good
- Strong sector headwinds and rising demand
- Consistent historical financials and profit margins
- Experienced promoter group and management team
Key risks to know
- Working capital requirements are high
- Raw material cost volatility could impact margins
- Intense competition from unorganized players
Demand & Momentum
Subscription Trend (Times)
GMP Trend
GMP Trend (₹)
Documents
AI Research Q&A
Who is this IPO suitable for?
Ideal for investors who:
- Believe in India's regional industrial manufacturing expansion
- Have a medium to long-term investment horizon
- Are comfortable with moderate to high risk appetite